EFCAR, LLC 8-K

What Happened
EFCAR, LLC filed an 8‑K (May 21, 2026) reporting that Exeter Select Automobile Receivables Trust 2026‑1 will issue eight classes of asset‑backed notes totaling $384,410,000 on the anticipated closing date of May 27, 2026. The transaction involves EFCAR purchasing sub‑prime automobile loan receivables from Exeter Finance LLC and transferring those receivables into the Trust and a related Holding Trust under a series of sale, contribution and servicing agreements. An Underwriting Agreement dated May 19, 2026 names Deutsche Bank Securities, Citigroup Global Markets and Mizuho Securities as lead underwriters.

Key Details

• Total principal issued: $384,410,000 across eight classes (Class A‑1: $48.0M; A‑2: $97.43M; A‑3: $97.43M; B: $26.35M; C: $42.67M; D: $38.96M; E: $8.17M; N: $25.40M).
• Closing date: on or about May 27, 2026; many transaction agreements are dated May 3, 2026.
• Assets: sub‑prime automobile loan contracts (the “Receivables”) being sold by Exeter to EFCAR and then contributed to the Trust/Holding Trust.
• Key parties: Exeter Finance LLC (seller/servicer), EFCAR (purchaser/depositor), Trust and Holding Trust (issuers/transferees), Citibank, N.A. (Indenture Trustee and backup servicer), Wilmington Trust Company (owner trustee), and Wells Fargo (lockbox bank).
• Filings/exhibits: Underwriting Agreement and forms of the Indenture, Sale & Servicing Agreement, Purchase Agreement, Contribution Agreement and related agreements were filed as exhibits; Depositor Certification (Exhibit 36.1) includes CEO certifications required for the shelf offering.

Why It Matters
This 8‑K documents a securitization in which EFCAR funds and transfers a portfolio of sub‑prime auto loans to support $384.41M of asset‑backed notes. For investors, the filing signals a material financing event: it creates new securities backed by sub‑prime receivables (with associated credit risk) and establishes the legal structure (indenture, trustees, servicing) that governs noteholder rights and payment priorities. Retail investors considering exposure to these notes or to EFCAR should review the offering documents and prospectus for details on yields, credit enhancement, payment priorities, and the performance characteristics of the underlying receivables.